QUESTION 2 Kaduna Manufacturers Plc is a medium-sized manufacturing company listed on the Nigerian Exchange Group (NGX). The company's financial controller, Mrs. Okonkwo, is preparing the year-end accounts for the year ended 30 September 2023. She provides you with the following information relating to the Sales Ledger Control Account (Debtors Control Account) and the Purchase Ledger Control Account (Creditors Control Account): SALES LEDGER CONTROL ACCOUNT The following information is available for the year ended 30 September 2023: N'000 - Balance of debtors at 1 October 2022: 4,820 (debit) - Credit sales during the year: 38,650 - Cash received from credit customers: 34,290 - Discount allowed to customers: 875 - Returns inwards (sales returns): 1,240 - Bad debts written off: 430 - Irrecoverable debts recovered (previously written off and now received): 185 - Dishonoured cheques from customers: 320 - Interest charged on overdue accounts: 95 - Contra entries with purchase ledger: 560 - Balance of debtors at 30 September 2023: ? (to be determined) PURCHASE LEDGER CONTROL ACCOUNT The following information is available for the year ended 30 September 2023: N'000 - Balance of creditors at 1 October 2022: 3,150 (credit) - Credit purchases during the year: 27,480 - Cash paid to credit suppliers: 23,760 - Discount received from suppliers: 640 - Returns outwards (purchase returns): 980 - Refunds received from suppliers (credit balances refunded): 215 - Contra entries with sales ledger: 560 - Debit balances in purchase ledger at 30 September 2023: 180 - Balance of creditors at 30 September 2023: ? (to be determined) Additional information: (i) A credit balance of N45,000 exists in the sales ledger at 30 September 2023. (ii) The total of the individual debtors' balances in the sales ledger (before adjustment for the credit balance) amounted to N6,830,000. (iii) On investigation, Mrs. Okonkwo discovered that a credit sale of N120,000 to Dangote Retail Ltd had been posted to the debit of the sales ledger control account instead of the credit. Required: (a) Prepare the Sales Ledger Control Account for the year ended 30 September 2023, clearly showing the closing balance. (10 marks) (b) Prepare the Purchase Ledger Control Account for the year ended 30 September 2023, clearly showing the closing balance. (8 marks) (c) Reconcile the closing balance on the Sales Ledger Control Account with the list of individual debtors' balances, incorporating all necessary adjustments. (7 marks) Total: 25 marks